Book shares harsh retirement realities with today's twentysomethings

By Natasha Clark

Assistant Managing Editor

The average twentysomething is in debt student loans, car payments, credit cards name a lender and they probably owe money to them.

So, imagine telling one of these negative networthers to plan for their retirement, now. Author Robert Lamoreaux takes the bold step in his new book "Winning or Losing the Financial & Retirement Race."

As an estate planner, Lamoreaux has seen the good, the bad and the ugly when it comes to financial management and retirement. "Winning or Losing" acts as a workbook by including charts and space for note taking so the reader can chart his or her current finances and future progress. The main theme of the book is that the sooner you begin saving, the better off you'll be.

The book opens with Lamoreaux quickly chiseling away at any misconceptions young adults have when it comes to retirement.

"Almost every time I speak with young people and ask them at what age they want to retire, the answer is around 40 to 50, and they all want to be millionaires. That may be a worthwhile goal, but most will not reach it," Lamoreaux wrote. "However, the younger you are when you start implementing your plan, the better chance you will have to achieve your goal. Retirement is a function of how much money you have, not how old you are."

While most books bore-you-to-death with explainations of why being financially sound is important, "Winning or Losing" is an interesting, detailed guide that is easy to understand. It breaks down 401(k)s, the benefits of using a credit union versus a bank, how to divide your assets and liabilities, the best way to diversify investments, reverse mortgages, preparing for inflation, marriage, children, funerals, medicare this book takes you from the day your handed your bachelor's degree to the day your family members bury you.

If anything, a young reader comes away with the perception of what financial health is.

Just a few of the key points the reader will learn is:

Failure to budget your money at any stage in your life can result in financial disaster.

The twenty-year-old who can control his or her spending habits and invest regularly toward retirement will be able to accumulate large amounts of money.

Those who say, "I will start tomorrow," must realize that tomorrow never comes; it is always sometime in the future.

It is not how much money you make that counts, it is how much money you keep.

You must draw a strict line between wants and needs.

"Winning or Losing" is an ideal addition to any gift for a college graduate. Packed with extensive information and guidelines, it reminds the reader that we each shape the path to our financial stability, and that ignoring a budget now may put off a comfortable retirement later.

To purchase a copy of "Winning or Losing the Financial & Retirement Race," visit www.winningorlosing.com or your local bookstore.